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Monday, October 18, 2021

Tokyo rubber futures inch lower on weaker shares; firm oil pares losses (June 16)

BANGKOK, June 16 (Reuters) – The benchmark Tokyo rubberfutures contract slipped on Monday tracking weaker Japanesestock market, but firm oil prices helped pare losses, dealerssaid.

The Tokyo Commodity Exchange rubber contract for Novemberdelivery fell 1.5 yen to sttle at 199.6 yen ($1.96)perkg.

“TOCOM prices dropped in line with share prices, but risingoil prices helped prevent rubber futures prices from fallingsharply,” said a Bangkok-based dealer.

Japanese stocks dropped to a two-week low to close at14,933.29 on Monday, the lowest closing since May 30 as oilprices extended gains as the insurgency in Iraq raised concernsabout potential disruption to oil exports.

Brent crude rose to a near nine-month high above $113 perbarrel on Monday as Sunni insurgents advanced in Iraq,intensifying concerns over a potential disruption to oil exportsfrom the second-largest OPEC producer.

Dealers said TOCOM sentiment was quite weak after priesfinished below a major support level of 200 yen as it couldtrigger stop-loss selling again on Tuesday.

The most-active rubber contract on the Shanghai futuresexchange for September delivery fell 65 yuan to finishat 14,255 yuan ($2,300) per tonne.

The front-month rubber contract on Singapore’s SICOMexchange for July delivery was last traded at 167 U.S.cents per kg, down 1.0 cent. ($1 = 102.0500 Japanese Yen) ($1 = 6.2090 Chinese Yuan Renminbi) (Reporting by Apornrath Phoonphongphiphat; Editing by GopakumarWarrier)

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